I am currently writing an article for The Daily Texan on how college students should save. The article will highlight :
- The power of compound interest and its ability to turn a small savings into a huge one over time.
- Different types of savings accounts college students can open.
- How much money should be put away per year. I am doing my calculations based on a person putting away $3,000 per year.
- How to put away $3,000 a year. This section will inform people that only $8.21 needs to be saved everyday to add up to $3,000.
The article will be running this Tuesday, pressing my schedule a bit. This will be especially hard since I have several tests and papers due this week.
On the more financial side, I have opened up another Bank of America account for paying bills. I’ve deposited $300 into the account, and will add to it every week. This account will grow till I graduate, then I will split it up into several different accounts for different bills (car bill, house bills etc.) at that time.
On an unrelated note, a family friend that lives right next to me just bought a Lamborghini Gallardo. He starts small businesses (like storage facilties, car washes etc.) and sells them. He also owns many rental properties and apartments. With a little persuasion and lots of begging, I may even get to drive it!!